Home Depot in National Waterworks Acquisition
July 20, 2005
Cleary Gottlieb is representing Home Depot in its recently announced acquisition of National Waterworks for $1.35 billion from a consortium led by J.P. Morgan Partners and Thomas H. Lee Partners. National Waterworks, with annual net sales of $1.5 billion, is the nation's leading distributor of products used to build, repair and maintain water and wastewater transaction systems. The acquisition of National Waterworks is Home Depot's largest acquisition ever, surpassing last year's acquisition of Whitecap Construction Supply on which Cleary also advised. The transaction is subject to regulatory approval and the completion of a debt tender offer and is expected to close in August.
Home Depot is the world's largest home improvement retailer with a market capitalization in excess of $91 billion.